Former Treasury Secretary Steven Mnuchin
Steven MnuchinOn The Money: Schumer Calls on Democrats to Stick with the .9T Account | Collins Excludes Biden Assistance GOP Assistance Plan | Powell fights inflation fears Mnuchin expects to launch investment fund to get support from Persian Gulf region: Larry Kudlow debuts with major ratings on Fox Business Network MORE is reportedly launching a new investment fund that is expected to be supported in part by reserves in the Persian Gulf region.
The Washington Post reported the plans Tuesday, referring to two people familiar with the project.
The sources, who spoke on condition of anonymity to discuss private planning, added that the former Trump administration official has started hiring for the Washington-based investment fund, which they say will focus on financial technology, entertainment and other potential sectors.
The report comes after Mnuchin organized a tour of the Middle East and North Africa in his last office weeks, with visits to Sudan, Egypt, Israel, the United Arab Emirates (UAE), Saudi Arabia and Qatar.
Mnuchin also planned to visit Kuwait, but cut short his trip amid the aftermath of the deadly January 6 riot.
According to the Sovereign Wealth Fund Institute, which analyzes public asset owners, the UAE,, Kuwait, Qatar and Saudi Arabia control the largest investment funds in the region.
The Post reports that Mnuchin did not immediately respond to a request for comment.
The report by Mnuchin, who previously worked as a Goldman Sachs banker and hedge fund manager before joining the Trump administration in 2017, has raised questions from some about the ties between former Trump officials and private companies.
Noah Bookbinder, president of the non-profit watchdog group Citizens for Responsibility and Ethics in Washington, told the Post: “The fact that there were policies that were favorable to countries that could now benefit him in a business affair is disturbing, and raises questions as to whether even the prospect of future business interests would have influenced the decision-making, even if no specific plans existed. ”
Throughout his presidency, Trump adopted policies regarding Saudi Arabia and other Gulf states that were largely considered transactional, including promoting arms sales and joining the nations to counter Iran’s influence in the region.
Mnuchin himself traveled to the region with a delegation in October to expand trade ties following the signing of the Abraham Accords by Bahrain, Israel and the UAE. During that time, Mnuchin joined the officials on the first direct commercial flight from Israel to Bahrain.
Last week, Bloomberg News reported that Mnuchin started speaking, with about $ 250,000 for personal speeches and between $ 75,000 and $ 100,000 for virtual addresses.
The statement noted that Mnuchin had hired the Harry Walker Agency to manage his speaking engagements. Mnuchin s’n bio on the agency’s website declares that the former official of the Trump administration “was critical to helping economic policy succeed, ‘and’ are frequently sought to talk about where our fiscal and economic policies are headed, given the current climate. ‘
The Hill contacted the Harry Walker agency for information.